Legality or Otherwise of the Central Bank of Nigeria (CBN) Circular Prohibiting Cryptocurrency Trading

Sometime in February, 2021, the Central Bank of Nigeria (CBN) pursuant to a CIRCULAR directed all banks to desist from transacting in and dealing with entities dealing in cryptocurrency. The CBN also directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems. This directive as contained in a circular…

Wrongful Bank Transfer Vs. 419 (Fraud): Difference in Money Recovery?

Entering a wrong digit when typing in bank details can instantly change the beneficiary. Same thing can apply when the correct digits are entered but the wrong bank is chosen. You can read more about mobile money and how is it governed here. While checking the beneficiary name can easily solve this, however as humans errors are sometimes unavoidable. Given the…

Procedures for Debt Recovery in Nigeria

People are conducting business everyday and services are being continuously rendered. Money is in circulation around us and it is not uncommon for debt to arise where there is money in circulation. This could be as a result of failure to repay a loan or failure to pay for services rendered. What is Debt Recovery?…

What is Mobile Money and How is it Governed?

We have all been hearing about mobile money, but do we know what it is really about or how it is governed? By the end of this article, you will understand what mobile money is, the bodies responsible for regulating mobile money, the participants of mobile money, its benefits and the laws by which it…